Edtech company Vedantu lays off over 400 employees citing ‘capital scarcity’
The Ed-Tech Vedantu platform on May 18 dismissed 424 employees. In a blog post shared by Vamsi Krishna, CEO and one of the founders of Vedantu, stated that this was an activity once without further cycles planned by the organization.
“There is no easy way to say this – from 5900 Vedans, 424 from our teammates ~ 7% of our company, will part with us. This is a very difficult call to do, and I want every Vedan to understand why V must accept this call and what it means to you and Vedantu’s future, “Khanna said.
“At present, the external environment is difficult. War in Europe, upcoming recession fears, and the increase in interest rates Fed has caused inflationary pressure with large -magnitude corrections in stock globally and in India as well. Given this environment, capital will be rare for the future, “Khanna said at the explanation post.
Two weeks ago, Vedantu had dismissed around 200 employees. Some Edtech start-ups including Unacademy, Byjus and Meeso in a few months have dismissed employees who quote volatility in the market.
